LURAY, Va., April 29, 2016 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the first quarter ended March 31, 2016. The Company reported net income of $524,354 for the first three months of 2016, or $0.37 per common share, compared to 2015 net income of $554,780, or $0.43 per common share, for the same period. The decrease in earnings per common share of 12.1%, as well as the decline in the return on average assets and average equity as shown below, was an expected result of the additional expense associated with the subordinated debt issuance that occurred in November 2015. In addition, the Company was pleased to declare a dividend of $0.1175 during the first quarter of 2016, which is an increase of 2.2% compared to the 2015 first quarter dividend of $0.1150. The dividend yield is 2.63% based on the April 28, 2016 share price.
The Company experienced asset growth of 11.2% since the first quarter of 2015, which was largely fueled by growth in the Company's held-for-investment loan portfolio of approximately $19,076,000, or 10.1%. The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans. Additionally, the Company's deposit portfolio grew $20,660,000, or 10.9% since the first quarter of 2015, which included growth of $5,691,000, or 18.7% in noninterest DDA.
Financial Highlights (Unaudited) |
|
| Q1 2016 |
|
| Q1 2015 |
|
|
|
|
|
|
|
At Quarter End ($000) |
|
|
|
|
|
|
Total assets |
|
| 272,214 |
|
| 244,703 |
Net loans held for investment |
|
| 205,321 |
|
| 186,516 |
Deposits |
|
| 209,733 |
|
| 189,073 |
Total stockholders' equity |
|
| 24,645 |
|
| 27,029 |
Common stockholders' equity |
|
| 24,645 |
|
| 22,529 |
|
|
|
|
|
|
|
Book value per common share |
| $ | 17.58 |
| $ | 16.07 |
Number of common stock shares outstanding |
|
| 1,401,511 |
|
| 1,401,511 |
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|
|
|
|
|
|
For The Quarter ($000) |
|
|
|
|
|
|
Net income |
|
| 524 |
|
| 555 |
Net income available to common stockholders |
|
| 524 |
|
| 544 |
|
|
|
|
|
|
|
Earnings per Common Share |
| $ | 0.37 |
| $ | 0.43 |
Dividend per Common Share |
|
| 0.1175 |
|
| 0.1150 |
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|
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|
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|
|
Key Ratios |
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|
|
|
Total stockholders' equity to assets |
|
| 9.05% |
|
| 11.05% |
Common stockholders' equity to assets |
|
| 9.05% |
|
| 9.21% |
Net Interest Margin (bank level) |
|
| 3.79% |
|
| 3.70% |
Return on Average Assets (annualized) |
|
| 0.81% |
|
| 0.95% |
Return on Average Equity (annualized) |
|
| 8.11% |
|
| 9.49% |
President and Chief Executive Officer Brian K. Plum noted, "We are proud of the continued momentum in our current markets and beyond. The recently announced acquisition of River Bancorp, Inc. will provide additional avenues for diversification of products and services and further expansion of our footprint to better serve our current and prospective customers."
Plum also mentioned the Company's recent recognition in American Banker's "Top 200 Community Banks and Thrifts" noting, "The recognition by American Banker validates the hard work and continued focused efforts of our team. We are honored to be among the nation's top community banks and remain committed to driving value for our shareholders."
About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is a single-bank holding company headquartered in Luray, VA. Chartered in 1893 as the Page Valley Bank of Virginia, today Blue Ridge Bank has additional branches in Shenandoah, McGaheysville, Charlottesville, and Harrisonburg. Celebrating 123 years as a locally owned, independent community bank, Blue Ridge Bank provides a wide range of financial services. Visit www.mybrb.com for more information.
Forward-Looking Statements
This press release may contain "forward-looking statements" as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in interest rates, general economic conditions and legislative and regulatory policies. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this news release.
Contact
Amanda G. Story, Chief Financial Officer
540-843-5208
astory@mybrb.com
BLUE RIDGE BANKSHARES, INC. |
CONSOLIDATED BALANCE SHEETS |
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|
|
|
|
|
|
| (Unaudited) |
|
| (Unaudited) |
|
| March 31, |
|
| March 31, |
ASSETS |
| 2016 |
|
| 2015 |
|
|
|
|
|
|
Cash and due from banks | $ | 6,263,504 |
| $ | 13,075,206 |
|
|
|
|
|
|
Federal funds sold |
| 1,095,000 |
|
| 378,000 |
|
|
|
|
|
|
Investment securities |
| 37,387,761 |
|
| 36,110,432 |
|
|
|
|
|
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Loans held for sale |
| 12,238,707 |
|
| - |
|
|
|
|
|
|
Loans held for investment |
| 207,722,491 |
|
| 188,646,347 |
Allowance for loan losses |
| (2,401,418) |
|
| (2,129,815) |
|
|
|
|
|
|
Net Loans Held for Investment |
| 205,321,073 |
|
| 186,516,532 |
|
|
|
|
|
|
Bank premises and equipment, net |
| 2,052,463 |
|
| 2,063,260 |
Bank owned life insurance |
| 3,429,966 |
|
| 2,365,766 |
Goodwill |
| 366,300 |
|
| 366,300 |
Other assets |
| 4,058,826 |
|
| 3,827,882 |
|
|
|
|
|
|
Total Assets | $ | 272,213,600 |
| $ | 244,703,378 |
|
|
|
|
|
|
LIABILITIES |
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|
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|
|
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|
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Deposits | $ | 209,732,943 |
| $ | 189,072,935 |
Other borrowed funds |
| 26,778,461 |
|
| 27,869,784 |
Subordinated debt, net of issuance costs |
| 9,673,378 |
|
| - |
Other liabilities |
| 1,383,989 |
|
| 731,822 |
|
|
|
|
|
|
Total liabilities |
| 247,568,771 |
|
| 217,674,541 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
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Preferred stock |
| - |
|
| 225,000 |
Common stock |
| 6,572,463 |
|
| 6,480,669 |
Contributed equity |
| 42,887 |
|
| 4,275,000 |
Retained earnings |
| 18,046,105 |
|
| 16,242,170 |
Accumulated other comprehensive income |
| (16,626) |
|
| (194,002) |
|
|
|
|
|
|
Total Stockholders' Equity |
| 24,644,829 |
|
| 27,028,837 |
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity | $ | 272,213,600 |
| $ | 244,703,378 |
BLUE RIDGE BANKSHARES, INC. |
CONSOLIDATED INCOME STATEMENTS |
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|
|
|
|
|
|
| (Unaudited) |
|
| (Unaudited) |
|
| Three Months |
|
| Three Months |
|
| Ended |
|
| Ended |
|
| March 31, 2016 |
|
| March 31, 2015 |
|
|
|
|
|
|
Interest Income | $ | 2,888,200 |
| $ | 2,505,926 |
Interest Expense |
| 699,219 |
|
| 471,903 |
|
|
|
|
|
|
Net Interest Income |
| 2,188,981 |
|
| 2,034,023 |
|
|
|
|
|
|
Provision For Loan Losses |
| 90,000 |
|
| 40,000 |
|
|
|
|
|
|
Net Interest Income after Provision for Loan Losses |
| 2,098,981 |
|
| 1,994,023 |
|
|
|
|
|
|
Other Income |
| 216,284 |
|
| 242,808 |
Other Expenses |
| 1,577,514 |
|
| 1,454,157 |
Income Before Income Taxes |
| 737,751 |
|
| 782,674 |
|
|
|
|
|
|
Income Tax Expense |
| 213,397 |
|
| 227,894 |
|
|
|
|
|
|
Net Income |
| 524,354 |
|
| 554,780 |
|
|
|
|
|
|
Dividends to Preferred Stockholders |
| - |
|
| (11,250) |
|
|
|
|
|
|
Net Income Available to Common Stockholders | $ | 524,354 |
| $ | 543,530 |
|
|
|
|
|
|
Earnings per Share | $ | 0.37 |
| $ | 0.43 |
|
|
|
|
|
|
Weighted Average Shares Outstanding |
| 1,401,511 |
|
| 1,276,375 |
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SOURCE Blue Ridge Bankshares, Inc.